Market panning out as expected with the break on the daily support. You can review the my analysis on this (link attached here)
We are seeing the $79.00 level being heavily respected over the past 4 trading days with price action failing to close above. This is a good sign that market may give us that run to $75.00 as previously suggested.
My overall bias remains SHORT and to see price action hitting 75.00. I will however be monitoring the price action between on the 4Hr timeframe for added confirmation based on one of my trading strategies.
I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, or Indices.
Market Structure: This is classified as any group of placed together with the use of Support, Resistance and . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.